The term "currency drain" refers to an increase in currency held outside banks

When competing firms set prices with attention to the prices set by their competitors, the demand curve faced by each firm

A) becomes indeterminate. B) becomes less elastic. C) becomes more elastic. D) shifts toward the northeast. E) shifts toward the southwest.

Refer to Figure 4-4. The figure above represents the market for iced tea. Assume that this is a competitive market. If 20,000 units of iced tea are sold

A) marginal benefit is equal to marginal cost. B) the deadweight loss is equal to economic surplus. C) producer surplus equals consumer surplus. D) the marginal benefit of each of the 20,000 units of iced tea equals $3.